IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
IDBI BANK KOODALI ifsc code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement 2) NEFT : National Electronic Fund Transfer
For Example :
IDBI BANK KOODALI ifsc code : IBKL0340K04 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : IBKL for Bank : IDBI BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 340K04 for Bank Branch KANNUR DISTRICT CO-OP BANK LTD.
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for idbi bank koodali represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for IDBI BANK : 670800005 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 670 for City : KOODALI
Middle 3 digits reprents Bank Code: 800 for Bank : IDBI BANK
Last 3 digits represents Branch Code : 000 for Bank Branch KANNUR DISTRICT CO-OP BANK LTD.
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